The Secretary of State for Digital, Culture, Media and Sport announced today, 16 October 2026, that the anticipated acquisition by Daily Mail and General Trust plc (DMGT) of Telegraph Media Group Holdings Limited (TMGH) will not be referred to a phase 2 investigation. This decision was made because the merger is no longer in progress or in contemplation.
As part of this announcement, the Competition and Markets Authority's (CMA) report on the matter has been published. The CMA had delivered its report to the Secretary of State on 21 April 2026.
The proposed acquisition was initially announced by DMGT on 22 November 2025. A Public Interest Intervention Notice (PIIN) was issued by the Secretary of State on 12 February 2026, requiring the CMA and Ofcom to investigate the transaction's jurisdictional, competition, and media public interest considerations.